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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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For some of us, it is time once again to check that first
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Jan 11, 2024, 8:47 AM
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pay stub of the year. At first glance I got a raise. At second glance I had $16.79 less in Federal taxes withheld. Did something change with tax withholdings that I missed?
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Heisman Winner [135617]
TigerPulse: 100%
Posts: 91644
Joined: 12/6/98
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Leap month?***
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Jan 11, 2024, 8:48 AM
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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That is next month.***
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Jan 11, 2024, 8:53 AM
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Heisman Winner [105622]
TigerPulse: 100%
Posts: 65212
Joined: 12/2/02
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to be completely honest, I have not looked at a pay stub in years
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Jan 11, 2024, 8:57 AM
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That is probably bad practice on my part.
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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Yes indeed it is. I mean you SHOULD look at all of them
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Jan 11, 2024, 9:00 AM
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but usually a quick look at the direct deposit will suffice. Now the first one of the year, you are supposed to look and make sure nothing went wild with new deductions and such.
Yes, my habit of checking stubs is akin to a military person doing some random bootcamp #### the rest of their lives.
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Heisman Winner [135993]
TigerPulse: 100%
Posts: 41655
Joined: 8/26/07
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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We had someone at the bank sign up for 401k then
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Jan 11, 2024, 9:14 AM
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not check their stub for a year. I apparently never hit the button to make it start. This was my mistake but it took her a year and a half to notice it. Bank used some equation to make her whole, so in reality she really won out. Luckily she was a very low earner.
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Oculus Spirit [81078]
TigerPulse: 100%
Posts: 56152
Joined: 9/13/04
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Were you withholding it and not putting in her 401K?
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Jan 11, 2024, 9:21 AM
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Or just not withholding the money at all?
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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Nothing was coming out at all.
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Jan 11, 2024, 9:33 AM
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Thus the paystub being so wrong.
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All-TigerNet [11640]
TigerPulse: 100%
Posts: 9796
Joined: 5/17/02
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Tax brackets revised...
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Jan 11, 2024, 9:17 AM
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Brackets get higher amounts, so you're taxed less.
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Orange Blooded [4701]
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Posts: 2189
Joined: 5/21/05
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Tax brackets changed slightly***
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Jan 11, 2024, 9:17 AM
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110%er [7004]
TigerPulse: 100%
Posts: 2275
Joined: 9/2/21
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At the end of 2023 I noticed my paycheck was slightly higher due to less
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Jan 11, 2024, 9:18 AM
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federal withholding. I have no clue why. I didn't worry too much because it was just one month.
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Orange Blooded [4701]
TigerPulse: 100%
Posts: 2189
Joined: 5/21/05
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SS stops being withheld at 160,200 in 2023, 168,600 in 2024
5
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Jan 11, 2024, 9:20 AM
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I have to explain these things to employees every year
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Heisman Winner [119745]
TigerPulse: 100%
Posts: 54496
Joined: 6/24/09
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Yeah, it was nice getting a raise every year around Sept
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Jan 11, 2024, 9:29 AM
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When I was still working full time 😉
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Heisman Winner [135993]
TigerPulse: 100%
Posts: 41655
Joined: 8/26/07
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Heisman Winner [105622]
TigerPulse: 100%
Posts: 65212
Joined: 12/2/02
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All-TigerNet [11019]
TigerPulse: 100%
Posts: 12358
Joined: 7/5/03
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Fewer taxes withheld due to higher income bands for tax brackets.***
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Jan 11, 2024, 9:42 AM
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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That's nice. I had to pay last year.
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Jan 11, 2024, 9:49 AM
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Expecting to again this year. Did not want to have to pay that plus this change. Gross.
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Oculus Spirit [85339]
TigerPulse: 100%
Posts: 24920
Joined: 5/21/14
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Mine is doing some funky stuff like the gov found some more ways
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Jan 11, 2024, 9:55 AM
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to lay the wood to taxpayers.
My earnings are being reported as higher than my hrly rate X 80 hours.
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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How many times a year do you get paid?
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Jan 11, 2024, 10:01 AM
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If paid 24 times use 86.67 X your hourly rate.
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Oculus Spirit [85339]
TigerPulse: 100%
Posts: 24920
Joined: 5/21/14
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Not 24, I get paid every two weeks or approx 26 times a year***
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Jan 11, 2024, 10:10 AM
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Oculus Spirit [75725]
TigerPulse: 100%
Posts: 108854
Joined: 10/26/03
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That is odd. Talk to payroll about it.
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Jan 11, 2024, 10:19 AM
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Maybe some fringe benefit is being added in or something.
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Oculus Spirit [85339]
TigerPulse: 100%
Posts: 24920
Joined: 5/21/14
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$28 for "HSA Employer" then "GTL Imputed"
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Jan 11, 2024, 10:22 AM
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From Googles
Imputed income is the value of the income tax the Internal Revenue Service (IRS) puts on group-term life insurance coverage in excess of $50,000. In other words, when the value of the premiums paid for by employers becomes too great, it must be treated as ordinary income for tax purposes.
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Lot o points [163012]
TigerPulse: 100%
Posts: 31933
Joined: 1/17/07
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Miss those days.
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Jan 11, 2024, 11:46 AM
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not really.
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Oculus Spirit [85339]
TigerPulse: 100%
Posts: 24920
Joined: 5/21/14
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